Satispay SpA announces that its subsidiary, Satispay Europe SA, has received authorization from Luxembourg regulator to operate as an Electronic Money Institution (EMI).
Alberto Dalmasso, co-founder and Satispay CEO, commented: “We have been operating until now with the EMI license under the Satispay Ltd subsidiary based in London. Several months ago we decided to start the authorization process in another country with the specific objective of protecting our users from the possible inconveniences that Brexit, especially with no deal, could have caused. After an in-depth market analysis, we found an extremely professional environment in Luxembourg, with a well-prepared regulator offering the market security and correctness guarantees, while ensuring new business entrants the opportunity to operate in a regulatory framework that supports growth and meets the needs of environments like ours”.
Pierre Gramegna, the Minister of Finance of Luxembourg, commented: “I’m delighted to welcome Satispay to Luxembourg. A leading EU payment hub, Luxembourg is today a first choice location for Fintechs wishing to successfully serve their European clients and grow further internationally”.
Following this change, all Satispay users will receive a communication regarding the technical transition at the end of March.
At the same time Satispay has begun working on launch operations to enter new markets by appointing Giorgio Ponticelli as Chief International Development. Giorgio, working alongside the founders and the management team, will be in charge of leading expansion in Luxembourg and Germany over the coming months.